Reso 1176-08/2002RESOLUTION NO. 1176
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
VALLECITOS WATER DISTRICT AUTHORIZING A CORRECTION
TO THE AMENDMENT TO CONTRACT BETWEEN THE BOARD OF
ADMINISTRATION CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT
SYSTEM AND THE BOARD OF DIRECTORS VALLECITOS WATER DISTRICT
WHEREAS, the Board of Directors of the Vallecitos Water District hereinafter
referred to as Public Agency, and the Board of Administration of Public Employees'
Retirement System entered into a contract effective January 5, 1968 providing for the
participation of Public Agency in the Public Employees' Retirement System; and
WHEREAS, due to an inadvertence, paragraph "5" read:
"The percentage of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member shall be
determined in accordance with Section 21354.3 of said Retirement Law (3%
at age 60 Modified and Full).
[Note that future legislative proposals are being considered. One proposal
could amend the 3% at 60 benefits formula under Government Code Section
21354.3 to coincide with the 2.7% at 55 benefit formula under Section
21354.5 between the ages of 50 and 55. Another proposal being considered
could amend Government Code Section 21354.3 to make the 3% @ 60
formula applicable to both active and inactive members who have not yet
retired. If enacted, this amendment could have an effect on your agency's
actuarial valuation and employer contribution rates in future years.]"; and
WHEREAS, Section 20472 of the Government Code provides that corrections may
be made through amendments approved by the adoption of suitable resolutions by the
contracting parties;
NOW, THEREFORE, BE IT RESOLVED that said governing body of Public Agency
authorizes, and it does hereby authorize, a correction to the amendment to contract
effective June 7, 2002 as follows:
A. Paragraph 5 of said contract shall be changed as follows: "The percentage
of final compensation to be provided for each year of credited prior and
current service as a local miscellaneous member in employment before and
not on or after June 7, 2002 shall be determined in accordance with Section
21354 of said Retirement Law (2% at age 55 Modified and Full)"; and
B. Paragraph 6 of said contract shall be added as follows: "The percentage of
final compensation to be provided for each year of credited prior and current
Resolution No. 1176
Page 2
service as a local miscellaneous member in employment on or after June 7,
2002 shall be determined in accordance with Section 21354.3 of said
Retirement Law (3% at age 60 Modified and Full)"; and
C. Paragraph numbers "6 through 11"; shall be renumbered paragraph numbers
"7 through 12".
BE IT FURTHER RESOLVED, that the presiding officer of the governing body of
Public Agency is hereby authorized, empowered, and directed to execute said amendment
for and on behalf of Public Agency.
PASSED AND ADOPTED by the Board of Directors of the Vallecitos Water District
at a regular meeting held on this 7th day of August, 2002 by the following roll call vote:
AYES: CRUZ, FERGUSON, MASON, DAVY
NOES:
ABSTAIN:
ABSENT: HANNAN
Board of Administration Board of Directors
Public Employees' Retirement System Vallecitos Water District
By(
'Keyrneth . Marzio , Chief
Actuarial & Employer Services Division
Public ployees' Retirement System
ATTEST:
William W. Rucker, Secretary
Board of Directors
Vallecitos Water District
By /4i91
Paul A. Davy
President